, the second move this year by the oil giant for control of assets needed to produce the electric vehicle battery metal.
Exxon's rapid expansion into the lithium sector comes amid growing interest by traditional energy companies and others intoTetra, which produces chemicals for water treatment and recycling, earlier this week said it had signed an agreement with a company known as Saltwerx to develop 6,138 acres of salty brine deposits in Arkansas that are filled with lithium and bromine, although it provided few additional details.
Saltwerx is a subsidiary of Exxon, according to two people familiar with the matter. Exxon acquired it earlier this year when it bought a neighboring Arkansas parcel of 100,000 acres from Galvanic Energy. Galvanic remains an independent, privately held company and is not affiliated with Tetra or Exxon.Financial terms were not disclosed.
By partnering with Exxon, Tetra gains a large partner with capital to help it produce bromine, which is used in flame retardants, from the acreage. Tetra currently buys bromine from Lanxess
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